Stocks

Videocon Industries down on 2G probe

PTI Mumbai | Updated on February 22, 2011 Published on February 22, 2011

Shares of Videocon Industries fell by over 3 per cent in the early trade on the BSE today after the Group Chairman, Mr Venugopal Dhoot, and his brother and Rajya Sabha MP, Mr Rajkumar Dhoot, were questioned by the Central Bureau of Investigation in connection with the probe into allocation of spectrum in 2008.

Extending its three-day losing streak, the shares of the consumer electronics major slipped by 3.51 per cent to an early low of Rs 186.70 on the Bombay Stock Exchange. In the previous trading session, the stock fell to a 52-week low of Rs 180.30.

Similarly on the National Stock Exchange, the scrip plummeted by 4.31 per cent to a low of Rs 185.25.

Later during the mid-session, the scrip was quoting down by 0.83 per cent at Rs 191.90 on the BSE and down by 1.03 per cent at Rs 191.60 on the NSE.

Mr Venugopal Dhoot and Mr Rajkumar Dhoot were called to the CBI headquarters on Monday and confronted with the documents proving that Datacom Solutions — the company through which Videocon bagged 2G licences — falsely reported that it had a paid-up capital of Rs 150 crore at the time of submitting a bid, whereas it was just Rs 1 lakh.

The duo were questioned as part of the CBI’s ongoing interrogation of the heads of all nine companies that were allocated spectrum in 2008. Videocon was allocated start-up spectrum of 4.4 MHz in all circles, except Delhi.

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Published on February 22, 2011
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